Matthews, 50, also chairman of Sainsbury’s Bank, has been with the supermarket chain for five years.

Philip Hampton, chairman, said: ‘Roger indicated his longer term intentions when I was appointed earlier this year. We both consider now is the best time to begin to move toward an orderly succession. We have started the process for the appointment of his successor and our timing should provide for a smooth handover of responsibilities.’

The company said Matthews plans to develop a portfolio of interests in both the ‘public and private sectors within which he also hopes to address his passion for sport’.